May 13, 2019 5:12pm
Monday closed NEGATIVE with 39 decliners, 4 advancers, 0 flat and 2 acquired (AST & OSIR) of my 45 covered companies as the IBB dumps -3.50%;
Pre-open indications: 5 HITs and 2 MISS
Q1 results: Homology Medicine (FIXX -$0.51) and Solid Biosciences (SLDB -$0.33)
Lucky to be reading a freebee instead of spending time looking for what’s happening on a panic driven Monday, if you were a subscriber … you would have been prepared today and now for Tuesday!
Today’s tin could be this week’s gold! I said in the a.m. post - time to be “picking” amongst the flotsam!
Markets and indexes:
- The Dow closed down -617.38 points or -2.38% to 25,324.99
- The S&P closed down -69.53points or -2.41% at 2,811.87
- The NASDAQ was down -269.92points or -3.41% to 7,647.02
The sector got hammered … what more can be said but, it does bring into focus – negative sentiment!
Markets fell sharply on Monday after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.
The posted its worst session since Jan. 3, the S&P 500 had its poorest day since early January while the NASDAQ experienced its biggest one-day loss of the year.
Expect more volatility for the foreseeable future.
Pre-open post, “time for some sector movement even with the current levels of market uncertainty. It’s not time to fold the tent, bet on in the sector in those who beat expectation, strong cash positions and guidance! The bumpy road that should be traveled: lack of momentum, volume, share pricing, sentiment and conviction with the IBB slipping -2.69% in last five session’s – some weakness should be bought into.”
bluebird bio (BLUE) took a big hit (-$8.73) along with ReNeuron (RENE.L) -$5.00 while BioLife Solutions (BLFS) broke to the upside +$0.16 followed by Applied Genetic Technologies (AGTC) +$0.12 – up yet lean.
Monday’s advance/decline line scenario of 45 covered companies:
- The open was negative with the A/DL at 7/35, 1 flat and 2 acquired (AST & OSIR);
- The mid-day was negative with an A/DL of 3/39 and 1 flat and 2 acquired;
- The close was negative with an A/DL of 4/39 and 0 flat and 2 acquired;
Pre-open indications: 5 HITs and 2 MISS
- Applied Genetic Technologies (AGTC) closed up +$0.12 – hit;
- Biostage (BSTG) closed down -$0.03 – hit;
- Ionis Pharmaceuticals (IONS) closed down -$2.18 – miss;
- Verastem Oncology (VSTM) closed down -$0.075 – hit;
- Intrexon (XON) closed down -$0.155 – hit;
- BioLife Solutions (BLFS) closed up +$0.13 – hit;
- BioTime (NYSEMKT: BTX) closed down -$0.069 – miss;
Homology Medicine (FIXX -$0.51)
- Net loss was -$23.9 M, or -$0.64 per share, compared to a net loss of -$10.2 M, or -$4.09 per share for Q1/18.
- $188.0 M in cash, cash equivalents and short-term investments
- Runway: Q4 2021.
Solid Biosciences (SLDB -$0.33)
- Net loss was $29.6 M or -$0.85 per share, compared to $15.9 M or -$0.54 per share for Q1/18.
- R&D ($23.3 M from $11.9 M) and G&A ($7 M from $4 M) jumped
- SLDB had $53.9 M in cash and cash equivalents as of 3/31/19, compared to $122.5 M as of FY18’s end.
Cell and gene therapy company’s worst-performers were:
- Monday: BLUE (-$8.73), RENE.K (-$5.00), GBT (-$4.26), RARE (-$3.49) and QURE (-$3.42);
- Friday: RENE.L (-$6.00), SAGE (-$4.22), BMRN (-$0.95), ALNY (-$0.68) and SLDB (-$0.54);
Posting gains were:
- Monday: BLFS (+$0.16), AGTC (+$0.12), CLBS (+$0.08) and CUR (+$0.0165)
- Friday: QURE (+$3.82), IONS (+$1.92), RARE (+$1.66), FATE (+$0.88) and GBT (+$0.70);
Tonight’s percentage (%) indicators:
- Monday’s range of the 4 upside was +2.94% (AGTC) to +4% (CUR +$0.0165) while the 39 downside ranged from -0.10% (HSGX) to -6.55% (BLUE);
- Friday’s range of the 21 upside was +0.11% (CLLS) to +6.67% (QURE) while the 22 downside ranged from -0.01% (ONCE) to -28.04% (VSTM);
Upside volume stats: review the numbers, there is a message …
- Monday: 0 out of the 4 upside had higher than the 3 month average volume;
- Friday: 4 out of the 21 upside had higher than the 3 month average volume;
Downside volume stats: here is where the session landing is expressed …
- Monday: 9 out of the 39 upside had higher than the 3 month average volume;
- Friday: 6 out of the 22 downside had higher than the 3 month average volume;
0 flat with 2 acquired (AST & OSIR)
The iShares NASDAQ Biotechnology (IBB) indicator:
- Monday closed down -3.50%
- Friday closed down -0.32%
- Thursday closed down -0.24%
- Wednesday closed down -0.04%
- Tuesday closed down -2.94%
- Last Monday closed up +0.85%
Monday closed NEGATIVE with 39 decliners, 4 advancers, 0 flat and 2 acquired (AST & OSIR);
Friday closed NEGATIVE with 22 decliners, 21 advancers, 0 flat and 2 acquired (AST & OSIR);
Thursday closed NEGATIVE with 23 decliners, 20 advancers, 0 flat and 2 acquired (AST & OSIR);
Wednesday closed POSITIVE with 18 decliners, 24 advancers, 1 flat and 2 acquired (AST & OSIR);
Tuesday closed NEGATIVE with 36 decliners, 6 advancers, 1 flat and 2 acquired (AST & OSIR);
Monday closed POSITIVE with 8 decliners, 32 advancers, 3 flat and 2 acquired (AST & OSIR);
Friday closed POSITIVE with 4 decliners, 37 advancers, 2 flat and 2 acquired (AST & OSIR);
Thursday closed NEGATIVE with 23 decliners, 17 advancers, 3 flat and 2 acquired (AST & OSIR);
Wednesday (5/1) closed NEGATIVE with 30 decliners, 12 advancers, 1 flat and 2 acquired (AST & OSIR);
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.